CPA Firms Succeeding in the New Economy

CCHGroup.com
1
Key Findings from the
CCH® Leaders Now and Next Survey
Introduction........................................ 1
""Who are Firm Leaders?.................. 2
""Technology Adoption Profile........3
Leadership Development.......... 4
""The Staff-Technology
Connection.......................................4
""Expert Spotlight: Angie
Grissom and Sandra Wiley
on Recruiting the Next
Generation Firm Leaders...............6
""Expert Spotlight: Allan Koltin
and Bill Reeb on Succession
Planning and M&A Choices..........9
Technology....................................... 10
""Expert Spotlight: Roman
Kepczyk on Technology
Trends.............................................. 13
""Expert Spotlight: James
Bourke on Technology
Trends.............................................. 15
Client Retention &
Recruitment..................................... 16
""Expert Spotlight: Jennifer
Wilson on Technology
Trends to Support Client
Acquisition & Retention.............. 16
""The Client-Technology
Connection.....................................18
""Using Social Media for
Client and Staff Recruitment
and Retention................................ 19
Conclusion....................................... 20
CPA Firms Succeeding
in the New Economy
Introduction
No doubt, the world has changed dramatically for CPA firms and their
clients in recent years. The new economy, shaped by the recession,
increased regulation, and changing demographics has amplified client
expectations and spawned ever-changing definitions of service value.
At the same time, firms face pressing internal and competitive challenges
as partners age, emerging leaders establish new expectations, technology
rapidly evolves, industry competition intensifies and merger-and-acquisition
activity increases.
Amid those myriad challenges, however, exist considerable opportunities
for strategic and nimble firms to recalibrate and leverage today’s realities in
ways that successfully grow, manage and protect their business.
As a strategic partner to accounting firms, CCH commissioned an
independent nationwide study of current firm leaders and emerging firm
leaders to better understand the strategies and best practices that have
driven their success. This white paper offers insights from that study into
the practices of firms nationwide. Special focus is placed on how leveraging
technology can help firms gain competitive advantage and position them to
thrive in the new economy.
Value Added
A clear and recurring theme emerged from the CCH Leaders Now and Next Survey:
firms that take a proactive, strategic and well-orchestrated approach to operating
in the new economy add considerable value to their firms. They also consistently
succeed in attracting and retaining top talent. Bottom line: firms that effectively
adapt to the new economy and are proactive in strategically adopting new
technologies don’t simply survive, they thrive.
Throughout this report, these successful firms are often referred to as “Pioneers”
to underscore their forward thinking and proactive approach to change. Indeed,
findings from the CCH Leaders Now and Next Survey make it clear that successfully
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CPA Firms Succeeding in the New Economy
operating in the new economy requires an integrated
approach across all areas of the firm, including:
""Strong leadership today with a strong partner pipeline for
the future
""A clear commitment to building client relationships and
growing client base
"".A strategic approach to technology acquisition and
management
significant impact on performance and value. The benefit
of such an approach is clear. Across the board, firms
that are technology Pioneers — those first to adopt new
technologies — outperform other firms when it comes to
generating higher revenue and higher profits. Technology
Pioneer firms have also increased their value more over
the past five years than firms that have been slower to
incorporate new technologies, according to the CCH Survey.
(See Figure 1)
To consistently achieve positive results in all of these areas,
high-performing firms possessed a clear differentiator:
a technology infrastructure that enables the firm to
succeed. Yet it is not just Pioneers that clearly recognize
the importance of technology in driving business results,
enhancing client services, creating new efficiency, and
attracting and retaining top talent. In fact, the survey results
reveal that a strong majority of firms (73 percent) that are
identified as “Mainstream” or even “Late Adopters” in their
approach to technology maintain “a solid understanding
of technology and its benefits.” However, Mainstream and
Late Adopters are challenged in having adequate resources
to manage system implementation, as well as the agility
to quickly implement changes. Put another way, firms
almost universally understand the importance and value
of technology. For some, it just comes down to concerns
that the risk of not effectively implementing and integrating
technology might outweigh the potential rewards. (See
Technology Adoption Profile, page 3)
Highlighting Best Practices
A Systematic Approach to
New Technology
Who are Firm Leaders?
That mindset is understandable — particularly in a
profession that is built largely on identifying and minimizing
potential risks. Yet the very good news is that technology
enhancements can be approached in a measured and
systematic way that minimizes risk, while delivering
significantly improved efficiency and better results.
The reality is that today firms can take measured, strategic
and cost-effective steps into new technologies, steadily
building resources, competencies and tools, which, in
relatively short order, can make a considerable impact on
efficiency, results, talent retention and client service, and
ultimately, the overall value and perception of the firm.
Technology Drives
Performance, Growth
In fact, many Pioneer firms highlighted in this survey
take that precise approach, strategically pulling specific
technology levers that offer measurable competitive
advantages. Pulling these levers one by one, Pioneer firms
steadily enhance their technology platforms, implementing
new tools and resources that, taken together, make a
Clearly, strategically using technology and ensuring the
firm is embracing the right technology at the right time
to support its business strategy can benefit all firms along
the technology adoption curve. Whether a firm is looking
to increase valuation, gain new clients, attract or retain
talent, or develop emerging leaders, there are essential
steps that need to be taken that can be effectively supported
through technology.
As the CCH Survey findings show, all firms are capable of
adopting best practice approaches. Pioneer firms just tend
to amplify the outcomes, effectively meeting clients’ needs
and adapting to shifting market dynamics. What follows in
this white paper is a deeper dive into these survey results to
provide insights into the best practices that will help your
firm take the steps necessary for future success.
Today’s Existing Leaders are generally older. In fact, in
the past decade, the number of partners over 50 years
of age has continued to climb. As of 2012, 63 percent of
firm partners are over 50 and the average partner age has
climbed to 53.2, according to the 2013 Rosenberg MAP
Survey. This means that over the next 10-15 years, more than
one-half of firm partners are likely to retire — significantly
changing the profile of firms over the next decade and
requiring more firms to examine their near-term strategies
more carefully: succession to new partners or M&A. (See
Firm Leadership Changes — Past & Future, page 8)
Emerging Leaders typically have fewer than 10 years
of experience, according to the CCH Survey. They are
individuals whose aspiration is to have a leadership or
senior management role within a firm or to start their
own firm. They also are more likely to be female and more
racially diverse, according to the AICPA’s Trends in the
Supply of Accounting Graduates and the Demand for Public
Accounting Recruits.
In addition to their diversity, emerging leaders share one
thing in common: they are digital natives. Social media and
technology have always been a part of their lives and this
too will shape the future of the firms they lead. (See How
Emerging Leaders are Using Technology, page 12)
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Technology Adoption Profile
In order to be successful, firms must both grow revenue and manage profitability. They also need to continually look for ways
to increase their value in the eyes of clients, emerging leaders and partners. As this white paper details, high-performing firms
tend to be technology Pioneers. Early Adopters also exhibited, to a lesser extent, higher performance than the overall market.
Pioneers
Early
Adopters
Mainstream
Late
Adopters
Following are profiles of each technology adoption category used in this report. Firms should assess where they are today and
the relationship that has with their current and future performance.
Pioneers: First to adopt new technology
Being a technology Pioneer is not for everyone. Pioneers
are often firms seen as risk takers, willing to be first movers
and recognizing there will be adoption pains with modern
solutions.
Early Adopters: Not the first to adopt, but ahead of
the mainstream
These firms see the opportunities provided by new
technologies and are eager to adopt them based on the
positive response of Pioneers.
Mainstream: Wait until technology becomes mainstream
Mainstream firms tend to be more risk adverse. The solution
must be clearly proven and commonplace.
Late Adopters: The last to adopt new technology
Late Adopters will wait until the solution has become
perfected or until the previous solution is no longer available
and they are forced to change.
Figure 1. Most Firms Seeing Performance
70%
Revenue increased
over past year
77%
63%
84%
67%
Profits increased
over past year
63%
67%
Value increased
over past 5 years
62%
Overall
Pioneer
89%
69%
74%
73%
Early Adopter
Mainstream/Late
Across key financial metrics related to growing, managing and protecting their businesses, Pioneer firms excel.
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CPA Firms Succeeding in the New Economy
LEADERSHIP DEVELOPMENT
In many firms, leadership has never been as challenged
as it has over the past several years. However, over the next
several years, leaders will face a new set of challenges. Thus,
it’s essential they focus on their fundamental strengths in
order to assure successful performance in the future.
As current partners begin to retire, they need a strong
succession plan that identifies the path forward. However,
while the CCH Survey indicates CPAs are confident in existing
leadership, many have not taken the steps needed to secure
the next generation of firm partners.
Specifically, most CPAs agree their current leadership has
the skills to be successful and the vision to lead their firms
into the future (93 percent and 85 percent, respectively).
However, just one-half of CPAs (51 percent) agree their firm
is investing in recruiting and developing the next generation
of firm leadership. (See Figure 2) Additionally, only 16
percent of firms have a formal succession plan, according to
the CCH Survey.
While the recession may have put staffing and talent
recruitment issues on the backburner, they are clearly
re-emerging as top concerns. In fact, finding and retaining
qualified staff are among the top-five concerns across most
firm segments, according to the AICPA’s 2013 PCPS Firm Top
Issues Survey. Professional staff turnover during the past
year also has risen back to pre-recession figures, climbing
to as much as 18 percent, according to the 2013 Rosenberg
MAP Survey.
Pioneers are one segment of the CPA profession that
understands this. The CCH Survey shows that 91 percent of
these firms are investing in recruiting and developing future
leadership. (See Figure 2)
Underscoring this, 87 percent of these firms report doing a
good job of retaining talent compared to 73 percent of firms
overall. And, while only 33 percent of firms overall indicate
they have an ongoing formal staff recruitment plan, 95
percent of Pioneers do. (See Figure 4, page 5)
Other firms should take note, and many leaders shared
examples of what their firms are doing to invest in emerging
leaders as part of the survey. (See Expert Spotlight: Angie
Grissom and Sandra Wiley on Recruiting The Next Generation
Firm Leaders, page 6)
Firms that want to keep emerging leaders need to foster
a culture that supports these leaders and offers them the
growth opportunities they need to take on leadership roles.
The following sections explore this in more depth.
Figure 2. Existing Leadership Strengths;
Emerging Leadership Investment Weak
93%
99%
96%
90%
Firm leadership has
the skills for our firm
to be successful
85%
94%
92%
79%
Firm leadership has
a solid vision to lead
our firm in the future
51%
Firm is investing in
recruiting/developing
the next generation
of leadership
Overall
35%
Pioneer
91%
66%
Early Adopter
Mainstream/Late
Most respondents surveyed agree or strongly agree that their firm
leadership has the skills for their firm to be successful and the
vision to lead the firm. However, far fewer are investing in the next
generation of leadership.
The Staff-Technology Connection
While most professionals overall see the importance
technology plays in helping to serve existing clients and
attract new ones, many are not making the connection
between technology and the ability to attract and retain
emerging leaders within a firm. (See Figure 15, page 18)
However, firms should take note: emerging leaders —
CPAs planning to be firm leaders or to start their own
firm — are making the connection. In fact, 82 percent of
these individuals said technology plays an important role
in a firm’s ability to attract and retain emerging leaders.
This compares to just 58 percent of existing senior firm
leaders, according to the CCH Survey. (See Figure 3)
Figure 3. Technology Important to Emerging Leaders
Importance of
technology in
attracting/retaining
future firm leaders
82%
58%
Emerging Leaders
Existing Leaders
Emerging leaders are far more likely than existing leaders to
see technology as important in helping a firm attract and retain
future leaders.
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Firm Work Environment and
Growth Opportunities
Staffing and Staff Support
Strategies
The vast majority of CPAs surveyed are positive about their
firm’s culture and work environment. They agree that their
firms offer a flexible work environment, match employee
skills to positions, have a motivated workforce and provide
employees with opportunities for input. (See Figure 4)
Among the leading ways firms are enabling their work
environments or plan to within the next three years is
through deploying new technologies to improve workflow
(85 percent). (See Figure 5)
However, while two-thirds of those surveyed (67 percent)
agree that their firm offers clear direction on the skills staff
needs for advancement, just 40 percent offer a formal
mentoring program. Across all areas, Pioneers do a better
job at each of these. In particular, they are more than twice
as likely to offer formal mentoring programs, with 94 percent
doing so.
Figure 4. Firm Work Environment
88%
98%
94%
83%
Our firm offers
a flexible work
environment
5
In addition to a greater reliance on technology, the
CCH Survey found most firms (75 percent) also report
they are using or plan to use in the next three years
non-CPA and administrative staff to perform routine tasks,
freeing up professional staff for more value-added services.
However, fewer firms are incentivizing partners to
postpone retirement (32 percent) or following a formal
talent management program (34 percent). This presents a
particular challenge: firms that are not formally managing
their talent may be investing to groom talent that then
leaves the firm.
84%
96%
96%
74%
Our firm does a
good job matching
employee skills
to positions
83%
Our firm’s workforce is
highly motivated
76%
95%
89%
79%
Our firm does a
good job providing
employees with
opportunities for input
99%
87%
70%
73%
Our firm does a good
job retaining top talent
64%
67%
Our firm provides
a clear direction on
skills needed for
advancement
53%
40%
Our firm has a formal
mentoring program
45%
29%
Our firm has a
formal, ongoing
recruitment plan
Overall
33%
15%
Pioneer
43%
87%
84%
93%
83%
94%
95%
Figure 5. Staff Strategies
Mainstream/Late
Most respondents surveyed agree that their firms offer a flexible
work environment, do a good job of matching employee skills to
positions and have a motivated workforce.
79%
Incentivizing
partners to postpone
retirement
Following a formal
talent management
program
Leveraging an
advisory board of next
generation leaders
in firm
98%
91%
75%
83%
82%
68%
Using non-CPA/
administrative staff
for routine tasks
Overall
Early Adopter
85%
Deploying new
technologies to
improve workflow
32%
21%
38%
34%
43%
20%
29%
15%
Pioneer
36%
Early Adopter
75%
84%
86%
Mainstream/Late
Most firms report they are currently or will within the next three
years be deploying new technologies to improve workflow, but
very few firms have or have planned tools like advisory boards for
next generation leaders.
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CPA Firms Succeeding in the New Economy
Staff Attributes and Development
The most common attributes across staff accountants,
according to respondents of the CCH Survey, include:
""Team player
""Technical expertise
""Client relationship experience
""Productivity focused
These are skills that can be fostered and honed through the
right on-the-job experiences and training and development.
However, only one-fourth of firms offer training on
leadership skills (25 percent) or problem-solving (25
percent), according to the CCH Survey. This leaves many
emerging leaders with fewer resources than they may need
to effectively lead in the future.
Few firms indicate these professionals have business
management expertise, practice development experience
or leadership skills needed to lead the firm in the future.
(See Figure 6)
Expert Spotlight: Angie Grissom and Sandra Wiley on Recruiting the
Next Generation Firm Leaders
Angie Grissom, President, The Rainmaker Companies, and Sandra Wiley, Shareholder and COO of Boomer Consulting, share their
views on recruiting and developing next generation firm leadership.
What do firms need to do differently today than
previously when recruiting the next generation
of leaders?
Sandra: Firms need to be involved in high school and
college classrooms not just recruiting events. The sooner
influencers (teachers and professors) start connecting with
firms, the more likely they will be to encourage students to
accept internships and job opportunities.
Angie: Current leaders need to set the expectations for
future leaders from earlier on in their career. Team members
from staff level and up should have goals that relate to not
only technical development but also other areas. These
include people development, practice development and
leadership skill development. Firms that do not possess
strong next generation leaders have fewer options than
those that do.
What do firms need to focus on when investing
in emerging leaders in the firm?
Angie: Coach-ability, drive and people skills are critical in
good leaders.
Sandra: A balanced approach to learning is required.
Technical, technology, business development and core
management skills must be taught from the day they start.
The learning can happen through on-boarding, mentoring
and formal learning curriculum.
What role can technology and social media play
in engaging emerging firm leaders?
Sandra: Technology and social media are expected by
our emerging leaders as the tools that will allow them to
connect and build relationships as well as just to do their
jobs efficiently.
Angie: If firms can connect with potential leaders and add
value through social media, the connections can be valuable.
The future leaders will be tuned into the firm’s activities and
news and have information on the key players.
What are some of the innovative approaches firms
are taking to engage emerging leaders?
Angie: Strong future leaders tend to respond to goals
and challenges they are given. Involve them in setting
and achieving firm goals early on. Put them in charge of
something and work with them to see it through. The
more experience we have with challenges, the better we
tend to get at facing them. Set leaders free. Let them fail.
Let them succeed. Let them try. Be there for support and
encouragement. Allow them to grow and they will.
Sandra: There are many, but one of the most interesting
is a firm that always pairs a current partner who is going
to visit a current client with an emerging firm leader and
the client’s emerging leader in the meeting. Think about
it — both the firm and the client are developing learning,
mentoring and relationship building at one time. Good stuff!
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Practice Tips
Figure 6. Staff Accountant Attributes Weak on Leadership
55%
Team players
49%
65%
61%
54%
Technical
expertise
56%
51%
54%
Client
relationship
experience
63%
57%
51%
53%
55%
56%
51%
Productivity
focused
30%
Seek out personal
development
opportunities
37%
22%
30%
Business
management
expertise
28%
29%
28%
Practice
development
experience
21%
33%
18%
Focused on
leadership skills
11%
Overall
67%
Pioneer
Early Adopter
1. Align leadership development with business
strategy — knowing the firm’s strategy helps identify
the types of leaders the firm will need to achieve its
goals and the opportunities they will need to be exposed
to in order to prepare them to lead
2. Build a future partners pipeline — this should not just
be people who are proficient at accounting but who also
have leadership skills and are flexible and able to adapt to
changing environments: can they lead both in good times
and when the unexpected occurs?
47%
3. Offer development experience as well as training —
offer challenging assignments that hone skills and
stretch emerging leaders to realize their potential
48%
4. Clearly communicate the path and milestones to
leadership — emerging leaders need to understand
if they are on track and how, where possible, to
accelerate their rise
48%
5. Foster formal and informal mentoring and
sponsorship — emerging leaders need to see leadership
and gain feedback; clear connections between existing and
future leaders also will facilitate a smoother transition
54%
22%
People are the most expensive and most important asset
for accounting firms, and top talent is more likely to be
attracted to firms that are confident in their ability to
perform. Firms need to ensure they are attracting and
retaining the qualified staff they need to grow their business.
Among key steps:
Mainstream/Late
Being a team player, technical expertise and client relationship
experience are the top attributes of staff accountants, according to
CPAs surveyed.
6. Leverage technology — emerging leaders want
to work at firms that provide them the tools they
need to excel; not all firms are Pioneers, but every firm
can use technology to support existing partners and
emerging leaders
7. Measure return on leadership development
investment — use employee surveys and emerging
leader advisory boards to generate feedback,
identify opportunities and spot issues before they
become problems
What Leaders Say:
How Firms are Recruiting and Developing Next Generation Leaders
“We are using social media (especially LinkedIn) as a tool for recruiting additional leaders in our firm.”
“Many of the emerging leaders are identified from within the current staff pool. Through the ongoing mentorship meetings, these
leaders are identified and adequate resources/help are made available to develop leadership skills.”
Source: CCH Leaders Now and Next Survey
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CPA Firms Succeeding in the New Economy
Firm Leadership Changes — Past & Future
As senior leaders look toward retirement, succession
planning has become a growing concern, despite the fact
that few firms follow a documented succession plan. In fact,
succession planning is a top-five concern among most firms,
according to the AICPA’s 2013 PCPS Firm Top Issues Survey.
The succession to the next generation of leaders has already
begun: 19 percent of CPAs surveyed report their firm has
undergone succession planning in the past five years,
according to the CCH Survey. Within the next decade, 22
percent anticipate their firms will transition to the next
generation of leaders. (See Figure 7)
Of those firms already undergoing a succession, just over
one-half (53 percent) said the succession was very successful
and 38 percent said somewhat successful, according to the
CCH Survey.
Firm leaders and emerging leaders attribute the success
to several factors, including the importance of planning.
(See Expert Spotlight: Allan Koltin and Bill Reeb on Succession
Planning and M&A Choices, page 9)
As the economy has improved, so too has the merger
and acquisition activity among firms, with 14 percent of
firms reporting they’d made an acquisition and 12 percent
reporting they’d merged with another firm in the past five
years. Over the next decade, the CCH Survey found that 38
percent of leaders and emerging leaders expect their firms
will merge with other firms and 8 percent believe their firm
will be acquired.
Figure 7. Practice Changes in the Next 10 Years
38%
Sell/merge the firm
Long-term future growth
with existing leadership
33%
Succession planning to
new generation of partners
Acquire another firm
22%
8%
Over the next decade, nearly 2 in 5 CPAs surveyed (38 percent)
expect their firm will be sold or merged.
What Leaders Say:
What Contributes to
Succession Success?
“The older partners have invested in the younger partners in
order to prepare them to take the reins. Also, we have made
strategic acquisitions to broaden our firm’s presence ....”
“Well trained and mentored senior staff who became
partners and used technology more efficiently.”
Source: CCH Leaders Now and Next Survey
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Expert Spotlight:
Allan Koltin and Bill Reeb on Succession Planning and M&A Choices
Allan D. Koltin, CPA, CEO of Koltin Consulting Group, Inc., and Bill Reeb, CPA, CITP, CGMA, Chief Executive Officer, The Succession
Institute, LLC, share their views on choices firms need to make to further their future growth strategies.
How does a firm decide which path is best for
its future?
What are three must-haves for sound succession
planning?
Bill: The best path for a firm is developed through strategic
planning. And the best focus of strategic planning is the
same focus that leaders should always have top of mind,
which is “what should we be doing as a firm to get better,
faster and stronger?”
Bill: The three must-haves for succession planning are:
Allan: There are three key things that firms need to
consider when evaluating whether to move up or stay
independent:
3. Hold the leaving partners accountable to transition every
client and key referral source before they retire or sell
their ownership
1. Is there a future leader in the firm that can run the
business and manage the partners?
What are some of the most commonly overlooked
factors in sound succession planning?
2. Are there enough future rainmakers amongst the next
generation who can bring in business once the senior
partners retire?
Allan: Some of the most commonly overlooked factors in
sound succession planning are:
3. Can the next generation group provide enough security
to the senior group so that they know their retirement
payments are secured and, conversely, does the next
generation group want the responsibility and risk to
ensure that retiring partners will, in fact, see their
retirement payments?
What are a few best practice considerations for a firm
looking at selling?
Allan: If a firm is considering selling, they should consider
the following:
"".Will the acquirer have the same values and a similar
culture to that of the selling firm?
"".Will the average partner compensation of the acquiring
firm be at least equal to, but preferably higher than, that
of the selling firm?
"".Will all of the existing partners come over as partners
in the new firm? If so, will they come over as equity or
income partners?
"".How will the acquirer determine practice valuation and
how will compensation be determined going forward?
Bill: The best thing a firm can do to prepare itself to sell
is to start making the kind of changes that any reasonable
buyer would make. For example, raise your rates if they are
lower than a firm likely to buy you; get more people involved
working with your clients so that you are not the only
connection your clients have to your firm; run off marginal
clients or convert marginal clients to good clients through
price increases; invest in technology so that your firm is as
automated as possible.
1. Get your policies in order and fully executed by everyone
2. Close the competency gaps between each level within
your organization
""Have you created the next generation of talent, thus
allowing the firm to continue on past the other partners’
retirements?
""Do you have the right mix of future talent? More
specifically, do you have enough rainmakers, leaders and
client handlers to not only keep the business you have, but
also to take it to the next level?
""Can the client base of the retiring partners actually be
transferred to the next generation partners or have
the retiring partners kept a tight grip in terms of the
relationships they have with those clients (thus making it
difficult to ultimately transfer)?
""Is the firm properly valued and do the next generation
partners feel there is a fair deal on the table in terms of
the financial obligation that lies ahead for retirement
payments?
How can technologies like cloud help firms be more
agile for future acquisition or succession planning?
Bill: Technology should be the first point of leverage
with every firm considering a sale, merger, succession
or positioning for the future. Technology formalizes
processes, usually better than those existing within the
firm. Technology is far more reliable than people, so it is
the cheapest productivity, efficiency and effectiveness tool
available to firms. Also, by fully utilizing technology, it forces
a firm to become more and more paperless, which positions
its people to work anytime, anywhere. Additionally, when a
firm embraces technology as a service, that firm can reach
out and provide high quality, high profit services to
its clientele.
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CPA Firms Succeeding in the New Economy
TECHNOLOGY
Pioneer firms have a better grasp on and are better able
to benefit from technology across their organizations.
(See Figure 8) In looking at how they are able to leverage
technology to serve clients, staff and firm operations, this
clearly offers an advantage.
Firms that lack confidence in their ability to implement
emerging technology should see this as a concern.
Many technologies considered emerging — like cloud
and mobile solutions — are quickly becoming mainstream.
A firm’s inability to keep pace further jeopardizes future
growth opportunities.
Figure 8. Firm Technology Strengths Vary
85%
Our firm has a solid
understanding of
technology and its
benefits
73%
76%
Our firm has
the resources to
manage system
implementation
64%
71%
Our firm has the
agility to quickly
implement emerging
technologies
Overall
51%
Pioneer
Early Adopter
99%
99%
100%
90%
96%
93%
Mainstream/Late
Most leaders surveyed agree or strongly agree their firm has an
understanding of technology and its benefits.
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Effectiveness of Managing
Technology
The 2013 North America Top Technology Initiatives Survey
identified the top technology initiatives for firms to be:
Figure 9. Effective Use/Management of Technology Varies
87%
96%
95%
80%
Managing data
""Managing and retaining data
""Securing the IT environment
""Managing IT risks and compliance
83%
Using technology
to keep current with
regulatory changes
""Preventing and responding to computer fraud
82%
""Leveraging emerging technologies
72%
82%
89%
94%
72%
Using technology
to automate
manual processes
""Managing vendors and service providers
Some firms are doing better than others at meeting these
priorities. According to the CCH Survey, Pioneers, more so
than other firms, are more effective at managing across
most of these priorities. This includes managing data,
managing systems implementation and enabling decision
support, among areas CCH queried as part of the CCH
Survey. (See Figure 9)
In addition to being more confident in their effectiveness
to manage these areas, Pioneers are more effective at
leveraging emerging technologies that many firms overall
struggle to get a hold on. For example:
"".Only about one-half (54 percent) of firms overall agree
they are effective at managing mobile solutions compared
to 89 percent of Pioneers
"".44 percent of firms overall are effectively leveraging cloud
computing compared to 93 percent of Pioneers
Pioneers are reshaping how their firms operate. They are
changing their workflows and leveraging technologies
differently and more effectively than other firms, and this is
reflected in their firm performance.
96%
92%
Managing risk and
compliance
""Enabling decision support and analytics
""Governing and managing IT investment and spending
98%
93%
75%
""Ensuring privacy
""Managing system implementation
11
79%
Managing
firm/practice
performance
93%
90%
69%
72%
Managing system
implementation
57%
96%
88%
70%
Enabling decision
support
81%
58%
95%
64%
Using knowledge
management tools
51%
99%
75%
“Emerging” Technology Areas
54%
Leveraging mobile
technologies
73%
36%
44%
Leveraging cloud
computing
58%
26%
37%
Leveraging social
media
22%
Overall
Pioneer
47%
Early Adopter
89%
93%
92%
Mainstream/Late
Most firms view themselves as very or somewhat effective at
managing data and other common areas. However, many firms
do not view themselves as effective when it comes to leveraging
emerging technologies.
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CPA Firms Succeeding in the New Economy
Technology Implementation
Many technologies are already clearly mature, while others
will be maturing in the next several years. The
CCH Survey found Pioneers are well ahead of other firms
in adopting or planning to adopt within three years those
technologies still reaching critical mass among firms overall.
These include practice management software, software
to automatically extract data, knowledge management
software and electronic tax notebooks. (See Figure 10)
Pioneers also are leading in adoption of emerging
technologies, such as cloud and mobile solutions for firm
professionals. While less than two-thirds of firms overall
have adopted or expect to adopt each of these technologies
within the next three years, 89 percent of Pioneers will have
adopted mobile solutions and 94 percent will have adopted
cloud solutions. (See Figure 11)
Not surprisingly, these are among the technologies firms
often mention when speaking about how emerging leaders
are leveraging technology. (See Technology Trends with
Roman Kepczyk, page 13, and James Bourke, page 15, for more
insights into technologies shaping the profession.)
What Leaders Say: How Emerging Leaders are Using Technology
“We are really seeing a significant increase in mobile applications from our up and coming leaders as they spend more ‘on site’ time
at client’s offices around the country.”
“Cloud computing across global offices and field staff. Tablets. Client mobile software. Collaboration systems. Real-time tracking,
document development, revisions. Access anytime, anyplace.”
Source: CCH Leaders Now and Next Survey
Figure 10. Technology Implementation — “Mature Technologies”
Pioneer
Early Adopter
Mainstream/Late
Electronic scanners
78%
20% 2%
80%
10% 10%
Multiple monitors
74%
24% 2%
76%
14%
Tax research platform
79%
20% 1%
68%
Electronic document
management system
79%
20% 1%
74%
Software to track
tax law changes
Software to automatically
retrieve information
Practice management
software
Software to automatically
extract data
Knowledge management
software
Electronic tax notebooks
67%
78%
72%
80%
72%
64%
20% 13%
21% 1%
22%
6%
20%
30%
6%
17%
58%
21% 21%
58%
24% 18%
53%
33%
32%
25%
30%
26%
26%
52%
15% 33%
10%
49%
21%
36%
9%
24%
23%
32%
24% 23%
15%
11%
42%
8%
30%
35%
35%
37%
Have implemented
23% 15%
10%
27% 20%
49%
27% 1%
22%
62%
34%
24%
25%
Plan to within 3 years
29%
42%
44%
53%
51%
65%
67%
Post 3 years
The majority of Pioneer firms have already implemented core accounting firm technologies or will within the next three years. However,
Mainstream and Late Adopters have only begun to do so.
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13
Expert Spotlight: Roman Kepczyk on Technology Trends
Roman H. Kepczyk, CPA.CITP, CGMA, LSS BB, Director of Consulting, Xcentric, shares his view on five hot technology trends
affecting accounting firms today.
1. Optimizing workflow with the client in mind. Today’s
workflow tools help firms manage their production
processes much more effectively, and we recommend
all firms make the effort to standardize on a workflow
tool that integrates with their tax, document and portal
applications before the next busy season
2. Virtual audit and tax production via cloud/private
cloud. Whether the firm decides to use SaaS/webhosted applications or build their own “private” cloud,
the key to virtual tax and audit production is giving your
personnel anytime, anywhere remote access on ANY
device (smartphone, tablet, laptop) in a secure format
3. “Little Data” and dashboards. Firms have a remarkable
amount of information stored within their tax, practice
and groupware applications that can be accessed to
provide near real-time analytics and firm metrics which
can be used by owners to better manage their practices
through integrated dashboards
4. Digital administration. We are helping firms make
significant strides in digitizing their back office to take
advantage of digital technologies, such as having all firm
internal reports delivered to owners and managers via
the firm’s portal or using smartphones to take pictures of
receipts and publish PDFs of expense reports directly out
of practice management which is routed with the firm’s
workflow tool for approval
5. Mobile apps support BYOD. Major accounting
application vendors are customizing their applications
to be optimized on mobile devices, such as smartphones
and tablets. This will lead to firms adopting a “bring your
own device” (BYOD) culture and putting in place security
and remote-wipe requirements with mobile device
management applications
Figure 11. Technology Implementation — “Emerging Technologies”
Pioneer
Company-provided
smartphones
Social media
70%
76%
Early Adopter
23%
7%
46%
17%
7%
48%
16%
Mainstream/Late
38%
28%
24%
25% 13%
24%
26%
62%
50%
Mobile solutions for
firm professionals
66%
23%
11%
48%
35%
17%
16% 32%
52%
Client portals
65%
29%
6%
48%
30%
22%
15% 33%
52%
70%
24%
6%
24%
13% 27%
60%
15% 27%
58%
SaaS/cloud computing
Tablet computers
63%
29%
8%
42%
35%
34%
34%
31%
Have implemented
Plan to within 3 years
Post 3 years
Emerging technologies are already implemented by most Pioneer firms. However, few Mainstream or Late Adopter firms have implemented
them. These are technologies that enable firms to operate in distinctively different ways, providing a competitive advantage to those firms
making these investments.
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CPA Firms Succeeding in the New Economy
Cloud Computing: The Benefits of
Working Anywhere
Improving Client Service with
Mobile Solutions
Across the growth spectrum, all firms report the five most
important benefits from implementing cloud computing as:
The five most important benefits from implementing mobile
solutions are:
1. Ability to work anywhere
1. Improve client service
2. Improve security and back-up procedures
2. Improve productivity
3. Ability to serve clients in any geographic location
3. Ability to work onsite more with clients
4. Deliver greater value to clients
4. Improve work/life benefits for staff
5. Improve collaboration with clients
5. Increase billable time
The CCH Survey also showed that for large firms, in
particular, the ability to reduce IT costs is an important
benefit of the cloud.
Serving clients better also is a focal point for mobile
solutions. Firms see these solutions as benefiting the firm’s
professionals as well as the firm’s revenues. Among large
firms, the ability to leverage staff from other geographies
and to attract and retain employees are also important
benefits of mobile solutions.
Cloud computing benefits apply across a firm’s practice. For
example, firms turn to CCH Axcess™, CCH’s cloud-based tax
preparation, compliance and firm management software, to
help in building client relationships and increasing revenue
through service differentiation and expansion. This cloud
solution also supports more effective firm management,
whether to increase efficiency or improve work/life balance
for staff; and better protects the firm, helping firms and their
clients mitigate risk and stay compliant.
The ability to work anytime, anywhere is increasingly the
way firms are doing business. For example, solutions like
CCH Mobile™ allow firm professionals to access their most
trusted research content, news and tools from their mobile
devices. Now, no matter where they are, professionals have
the ability to better connect and collaborate with their
clients as well as colleagues.
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Practice Tips
Technology is a core tool in helping firms attract and retain
clients and staff, grow their business, and better manage
and protect their firms. Whether a firm is a Pioneer or
Mainstream, they need to understand their business and
leverage the right technology at the right time to support it.
1. Align firm’s technology strategy to its business
strategy — often each is developed separately. But
the technology strategy must be integrated with the
business strategy in order to truly enable technology to
advance the firm
2. Look to technology as an enabler of growth — firms
often look at technology to improve productivity, but it
also is an essential tool in helping firms expand into new
niches and new geographies
3. Tap into the knowledge and experience of emerging
leaders — rather than only driving technology decisions
from the top-down, seek input from firm staff and
emerging leaders. Look at the BYOD technologies they
use and how the firm can integrate these into
its infrastructure
4. Offer training … and more training — many firms
offer training on core technologies and processes, but
training on emerging technologies and how those may
change processes also is essential. Armed with a better
understanding of the tools, staff professionals are more
likely to adopt and use them more effectively
5. Institute a formal process for evaluating technology
and measuring its return — Pioneers are considered
innovators; but as the CCH Survey findings show,
they also are meticulous at measuring results. They
embrace technology, but they hold high standards for
the technologies they use and continue to seek ways to
improve their return
15
Expert Spotlight: James Bourke
on Technology Trends
James C. Bourke, CPA.CITP, CFF, CGMA, Partner at
WithumSmith+Brown, PC, shares his views on technology
trends affecting firms and their clients.
1. .“Big Data.” The use of data extraction tools is exploding.
CPAs are finding ways to examine large blocks of data
to help clients streamline operations and squeeze out
additional profitability
2. .Scan and populate. This technology is finally getting to
the point where it’s functional and productive. Many CPA
firms are finding that this tool has the potential to save
time in the 1040 tax preparation space. This goes right to
the bottom line
3. .Single database. For years the profession has focused on
selecting application and vendors based upon a bestof-breed selection process. The tide is starting to turn
and practitioners are beginning to realize that there is an
extreme efficiency gain in having a common database for
tax, engagement management, practice management,
document management, etc.
4. .Cloud migration. We’ve been talking about this for
years, but now, more than ever, practitioners of all
levels are beginning to embrace the cloud as the norm
in doing business
5. .Client accounting. Changes are coming in the area of
client accounting. Programs like Xero are starting to
change the ways that practitioners collaborate with their
clients. It’s all about the web and utilizing the web to
easily interact with clients
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CPA Firms Succeeding in the New Economy
CLIENT RETENTION & RECRUITMENT
The accounting profession is very much about relationships —
knowing your clients, understanding their needs, and
delivering solutions that help them grow, manage and
protect their businesses. Building a firm’s client base means
both retaining existing clients and recruiting new clients.
(66 percent) agree their firm has a strong client
recruitment strategy, according to the CCH Survey.
Even in the best run firms, client attrition is a natural
occurrence. Firms that are not actively recruiting clients
could be jeopardizing future growth.
Overall, the CCH Survey finds most firms are taking steps to
strengthen client retention rates but far fewer have a strong
client recruitment strategy.
As the next section shows, firms also need to be adept
marketers and focus on activities to build and strengthen
direct relationships with clients and prospective clients.
According to findings from the AICPA’s 2013 PCPS Firm
Top Issues Surveys, bringing in new clients is among the
top-five concerns for firms of all sizes, as their focus shifts
from the concern of losing business in the economic
downturn to growing their firms and getting more work as
the economy strengthens.
Figure 12. Strength of Client Retention & Recruitment
With millions of baby boomers retiring each year, firms
that want to retain existing clients need to ensure they are
engaged with the next generation of leaders in their client
organizations. Overall, 81 percent of firms agree they are
starting to make this connection with future generations
within their client base. Among Pioneer firms, 98 percent
report they are. This 17-point spread can be the difference
between firms that lose clients and firms that strengthen
client relationships in future years. (See Figure 12)
Firms need to do more not only to protect their current
client relationships, including building relationships with new
generations of client leadership, but they also need to reach
new clients in order to grow their businesses.
Today, this is an area where many firms need to focus.
Less than two-thirds of leaders and emerging leaders
90%
100%
96%
84%
Firm is taking steps
to strengthen client
retention rates
81%
Firm is investing in
establishing relationships
with future generations
within client base
73%
66%
Firm has a strong client
recruitment strategy
56%
Overall
Pioneer
Early Adopter
74%
98%
89%
92%
Mainstream/Late
The vast majority of firm leaders agree or strongly agree that their
firm is taking steps to strengthen existing client retention; but
fewer agree their firm has a strong client recruitment strategy.
However, not as many firms have made the connection between
technology and attracting and retaining staff.
Expert Spotlight: Jennifer Wilson on Technology Trends to Support
Client Acquisition & Retention
According to Jennifer Wilson, Co-founder and Partner, ConvergenceCoaching, LLC, important technology trends in supporting
client acquisition and retention include:
1. LinkedIn. Regularly using LinkedIn is a must-do for
building your sphere of influence, managing your contact
database (because your connections keep their own
contact information current), keeping pertinent content
in front of your connections and using it for market
intelligence on target prospects
2. Twitter is another free technology resource to position
you and your firm in your service or industry niche,
build thought leadership and reach a broad audience
with your content
3. Maintaining a sales prospect pipeline using a CRM
solution is another great technology resource to
support selling to new clients
4. Search Engine Optimization is an important IT strategy
to ensure your firm’s services rank high when prospective
and existing clients search for services that are within
your firm’s core competencies
5. Drilling into the “Big Data” available to you from your
client service systems and online to better understand
your clients and prospects and identifying trends or
new events and reaching out then to clients with these
insights is another emerging technology trend that firms
are using to better serve clients and more clearly identify
ideal target prospects, too
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17
Promoting the Firm
Firms that are thriving exhibit distinct marketing
competencies. Overall, the three most common sales
and marketing approaches firms use to attract and retain
customers are:
Figure 13. Sales & Marketing Activities
75%
Conference
participation
68%
1. Conference participation
2. Networking through social media
3. Email campaigns
(See Figure 13)
When it comes to promoting their businesses, Pioneers are
doing more, the CCH Survey found. The channels most used
by Pioneers are focused on direct relationship building and
networking. In addition to 89 percent of Pioneers reporting
conference participation, they also are far more likely to use
advisory boards of customers (85 percent) and to network
through social media (85 percent). (See Using Social Media for
Client and Staff Recruitment and Retention, page 19)
Additionally, professionals at Pioneer firms are more
regularly in contact with customers throughout the year and
using a variety of communication channels to effectively
stay in touch, including personalized emails and information,
personally socializing with clients and engaging with clients
through social media. (See Figure 14)
On average, professionals from Pioneer firms spend 3.5 hours
weekly using social media professionally, compared to just
2.2 hours for professionals overall, according to the
CCH Survey.
One of the key benefits of technology is freeing up time so
that professionals can focus on more value-added activities.
Keeping an ongoing dialogue open with clients, offers leaders
a tremendous opportunity to identify clients’ emerging
needs and position their firms to address them. Leaders from
Pioneer firms have this advantage. They are connected to and
are actively seeking to strengthen the relationships they have
with their clients.
Many firms also are struggling with measurements
related to their client recruitment efforts, the CCH Survey
found. Overall, less than one-third of firms (32 percent)
formally track how prospective clients hear about their firm
and even fewer — just 13 percent — track lead to closure
rates. Pioneer firms are more likely to track their results
across these two metrics (53 percent and 33 percent,
respectively). However, firms could be doing more to
determine if the marketing resources they are allocating
are being used effectively.
89%
81%
54%
Networking
through social
media
42%
46%
Email campaign
60%
32%
85%
66%
79%
30%
Advisory board of
customers
19%
Overall
Pioneer
85%
36%
Early Adopter
Mainstream/Late
Pioneers are more aggressively marketing across different channels
to help attract new clients and retain existing clients. This could
over time put them at a competitive advantage, taking clients
away from other firms.
Figure 14. CPA Contact with Clients
Speak with
each client or
send personalized
emails
Personally send
clients information
you think of
interest to them
45%
36%
36%
29%
Overall
Pioneer
74%
39%
39%
Socialize with
clients (lunch,
association
meetings, etc.)
Engage with
clients via
social media
80%
52%
48%
42%
28%
41%
36%
Early Adopter
65%
70%
Mainstream/Late
Less than one-half of existing or emerging firm leaders are
personally engaged in at least monthly communications with their
clients. Those at Pioneer firms are more likely to be doing so.
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18
CPA Firms Succeeding in the New Economy
Practice Tips
Firms exist to serve clients and, as the economy shifts to
growth, firms need to be prepared to take advantage of new
opportunities. Among key steps:
1. D
. eploy technologies that make it easier for your
clients to do business with you — whether your firm
is a Pioneer or Mainstream, one of the best ways to
reinforce your technology expertise is to ensure that the
tools your firm uses make it easy for clients to interact
with you
2. Protect your client base, but not at the expense
of new client recruitment — during the economic
downturn, firms focused on trying to keep the clients
they had, but doing only that today can mean missed
opportunities
3. Seek out and become engaged with emerging leaders
in your clients’ organizations — ask your current
contacts who else you should be working with. Observe
who in your clients’ firms are rising to leadership roles
and support them in their efforts
4. Develop a formal, ongoing client recruitment plan —
connections you make need to be continuously
reinforced before they provide a return
5. Formally measure client satisfaction — anecdotal
feedback is important and it can offer immediate
insights; but regularly measuring client satisfaction
is critical to help firms learn and grow and ensure
they’re making the right investments in expanding
their practice areas or investing in new talent or tools
What Leaders Say: Identifying Emerging Leaders in Client Organizations
“We … ask clients who the superstars are and how they are being used in the organization.”
“Each year… an in depth interview is conducted revolving around clients’ plans for the future regarding growing their
business and successors.”
Source: CCH Leaders Now and Next Survey
The Client-Technology Connection
Even though most firms recognize the importance of
technology, many are not executing on this recognition.
This shows in their overall underperformance compared
to Pioneers and Early Adopters. Clients increasingly expect
their firms to be technology savvy and, quite often, to
support them in implementing the latest technology. They
expect to be able to access information anytime and to be
able to quickly and easily communicate with their firm. Firms
that facilitate this are in a better position to meet customer
expectations and add value. (See Figure 15)
As outlined in this white paper, firms are using a variety
of technologies to support client and practice demands.
Increasingly, these include cloud and mobile solutions as
well as social media. (See Expert Spotlight: Jennifer Wilson on
Technology Trends to Support Client Acquisition & Retention,
page 16)
Technology leaders also have another competitive
advantage: time savings from deploying the right technology
can be reallocated to focus on selling more engagement and
spending more time delivering services clients value.
Figure 15. Technology Important to Growth, Clients and
Future Leaders
Support overall growth
of the firm
91%
99%
93%
89%
Retain existing clients
and recruit new clients
92%
100%
94%
89%
60%
Attract and retain future
firm leaders
46%
Overall
Pioneer
Early Adopter
73%
96%
Mainstream/Late
Firms agree on how important of a role technology plays in
supporting firm growth and client recruitment and retention.
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19
Using Social Media for Client and Staff
Recruitment and Retention
Many CPA firms have yet to embrace or realize the benefits of social media.
In fact, fewer than one-half of firms overall are actively using social media to
interact with existing clients or attract clients (47 percent and 40 percent,
respectively) and even fewer are using social media for interacting with staff or
recruitment (33 percent and 26 percent, respectively). According to the CCH
Survey, Pioneer firms are significantly stronger advocates of social media, both
for interacting with clients and staff, as well as for monitoring information
about the firm. (See Figure 16)
Most new entrants to the workforce are “digital natives” — people who grew
up with technology. They are more comfortable with networking online, often
through social media. Failure to keep up with new communication trends and
connect with the most technologically savvy part of the workforce could mean
a missed opportunity to engage with and recruit top performers.
Figure 16. Social Media Usage Strongest for Interacting with Clients,
Weak for Interacting with Staff
47%
Interacting
with existing
customers
61%
35%
40%
Attracting
new clients
60%
20%
Monitoring
for comments
about the firm
76%
76%
35%
79%
51%
17%
33%
Interacting
with staff
74%
41%
21%
26%
Recruiting
new staff
71%
34%
13%
Overall
Pioneer
Early Adopter
Mainstream/Late
Firms are more likely to use social media to attract or retain clients than to recruit or
interact with staff.
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20
CONCLUSION
CPA Firms Succeeding in the New Economy
As this white paper demonstrates, technology clearly plays an increasingly
important role in firms that are front runners in thriving in the new economy.
Through highlighting the best practices and insights of Technology Pioneers, firms
can develop an approach to technology that is consistent with their strategy, growth
goals and risk appetite.
It’s important to reiterate that as a group, Pioneers outperform other firms. They
have stronger growth, stronger profitability and greater value, as the CCH Leaders
Now and Next Survey findings show.
These are firms that have strong leadership today and are investing in emerging
leaders for the future. They are committed not only to strengthening client retention
but also to aggressively recruiting new clients and establishing relationships with the
next generation of leaders in their clients’ organizations. They are seeking to expand
their services and expand into new markets.
Across all of this, they recognize the role technology plays in helping them succeed
and their use of technology strengthens client relationships, fuels firm growth,
supports effective firm management and protects the firm’s reputation.
The following provides a checklist of these best practices. Knowing where your firm
stands today can help you take the next steps to prepare it to thrive in the future.
Sustainable Leadership
""Have a solid vision of the direction you want your firm to go in the future —
and communicate that regularly and consistently
""Identify emerging leaders who will have the skills needed to ensure the firm
is successful
""Make investing in recruiting and developing the next generation of firm
leadership the priority it needs to be
Technology Enabled
""Recognize the important role technology can play in your firm’s success
""Build an infrastructure capable of providing the agility needed to quickly
implement emerging technologies
""Ensure your firm has or partners with trusted advisors who can provide the
resources to successfully manage system implementation
CCH Leaders Now and
Next Survey
The 2013 CCH Leaders Now and
Next Survey included quantitative
interviews with 440 tax, audit
and accounting professionals in
U.S. firms nationwide to examine
how technology has changed the
profession and how professionals
anticipate it will change the skills and
tools they need to compete in the
future. The survey was conducted
for CCH online by ORC International
from August 22–30, 2013. The survey
reflects experiences of randomly
polled tax, audit and accounting
professionals working at firms
ranging in size from 1 to more than
100 employees.
CCH, Wolters Kluwer
CCH, a part of Wolters Kluwer, is
a leading global provider of tax,
accounting and audit information,
software and services. Celebrating
its 100th anniversary in 2013,
CCH has served tax, accounting
and business professionals since
1913. To learn more about CCH
software, research and integrated
workflow solutions, please
visit CCHGroup.com or call
800-739-9998.
Client Commitment
""Invest in establishing relationships with emerging leaders in your clients’
organizations
""Build and commit to a strong client recruitment strategy
""Measure and then take the steps needed to further strengthen client retention rates
Not all firms will be Pioneers. Yet every firm is capable of selectively leveraging
some of the best practices of Pioneers within their own firms. By pulling specific
technology levers, firms can steadily enhance capabilities and efficiencies. Over
time, strategically incorporating smart new technologies can become an integrated
part of a firm’s culture, benefiting leaders, employees and clients while adding
significantly to the firm’s overall value.
For additional copies of the CCH Leaders
Now and Next Survey white paper, please
go to CCHGroup.com/Leaders
All trademarks and copyrights are property of their respective owners.
10/13 2013-0044-44
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at CCHGroup.com/Social
©2013 CCH and/or its affiliates. All rights reserved.
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